2015-11-13T12:15:41-06:00 2014-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2014-01-01 380536242 CREDIT UNION ONE CRED 2483981210 400 E NINE MILE FERNDALE MI 48220 GARY MOODY PRESIDENT AND CEO 2483981210 2015-11-12 1 ROBIN D HOAG CPA P00360662 2482443000 2014 2016-03-07 17:11:31Z GARY MOODY 400 EAST NINE MILE ROAD FERNDALE MI 48220 221245698 0 1359 X WWW.CUONE.ORG X 1938 MI CREDIT UNION ONE'S PRIMARY EXEMPT PURPOSE IS TO EXEMPLIFY THE HISTORICAL CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE". CREDIT UNION ONE ACCOMPLISHED THIS THROUGH FINANCIAL PERFORMANCE BY PAYING $1,166,499 IN DIVIDENDS AND INTEREST ON THE DEPOSITS HELD BY OUR 120,230 MEMBERS. WE WERE ALSO ABLE TO OFFER AND MAINTAIN COMPETITIVE LOAN RATES AND WE HAVE EXTENDED TERMS ON LOANS TO MAKE THE PAYMENTS MORE AFFORDABLE.IN ADDITION, WE ACCOMPLISHED OUR EXEMPT PURPOSE BY COMMUNITY INVOLVEMENT. IN 2014 WE VOLUNTEERED OUR TIME AND TALENTS TO SUPPORT THE WALK FOR WARMTH PROGRAMS, THE CHILDREN'S HOSPITAL WALK FOR DIABETES, THE MOTTEP FOUNDATION WALK, THE STEP OUT WALK, AND THE THINK OUTSIDE YOURSELF WALK. CREDIT UNION ONE AWARDED $10,000 IN COLLEGE SCHOLARSHIPS TO GRADUATING HIGH SCHOOL SENIORS, CONTRIBUTED FUNDS TO SUPPORT BOTH THE KARMANOS CANCER INSTITUTE'S ONCOLOGY NURSING PROGRAM FOR HIGH SCHOOL MINORITY STUDENTS, AS WELL AS OUTREACH PROGRAMS. 10 10 379 10 609414 -180733 0 0 40014628 40896407 2448608 3498641 1626510 2398876 44089746 46793924 10000 10000 0 0 15871820 17003997 0 0 0 17528568 20913987 33410388 37927984 10679358 8865940 821636173 850302557 748487725 768321329 73148448 81981228 CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 0 0 IN 2012, THE CREDIT UNION STARTED AN INITIATIVE TO OFFER MORE AFFORDABLE LOANS TO OUR MEMBERSHIP. WE STARTED TO MAKE MORE LOANS TO SUB-PRIME BORROWERS IN ORDER TO MAKE LOANS AVAILABLE TO MEMBERS WHO MAY NOT BE ABLE TO GET A LOAN ELSEWHERE. THE CREDIT UNION EXPANDED THE AMOUNT OF FUNDS AVAILABLE FOR THESE TYPES OF LOANS IN 2013 AND IN 2014. IN LATE 2014, WE CREATED TWO NEW PRODUCTS. ONE WAS TO HELP MEMBERS THAT HAD BEEN ADVERSELY AFFECTED BY THE ECONOMY REBUILD THEIR CREDIT AND THE OTHER WAS TO HELP BORROWERS GAIN ACCESS TO SMALL DOLLAR AMOUNT UNSECURED LOANS AS AN ALTERNATIVE TO PAY DAY LOANS. THE CREDIT UNION AWARDED $10,000 IN COLLEGE SCHOLARSHIPS TO GRADUATING HIGH SCHOOL STUDENTS IN WHICH CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. CREDIT UNION ONE PARTICIPATED IN MANY CHARITABLE EVENTS INCLUDING: BEAUMONT HOSPITAL-CHILDREN'S MIRACLE NETWORK RADIOTHON, WALK FOR WARMTH, WALK FOR MIRACLES, AND THE DETROIT MINORITY ORGAN TISSUE TRANSPLANT EDUCATION PROGRAM (MOTTEP). ALSO, CREDIT UNION ONE CONTRIBUTED $52,342 TO THE KARMANOS CANCER INSTITUTE. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 15764 0 1 379 1 1 1 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X SCOTT SOMMERS 2485845521 400 E NINE MILE FERNDALE MI 48220 GUADALUPE G LARA VICE CHAIRWOMAN 3.00 X X 2792 0 0 PAUL W STUART BOARD CHAIRMAN 3.00 X X 0 0 0 CHARLENE P AUGUSTYN LEFT 42014 BOARD DIRECTOR 3.00 X 0 0 0 JAN GILLESPIE BOARD DIRECTOR 3.00 X 0 0 0 JOAN STEFANSKI SECRETARY/TREASURER 3.00 X X 0 0 0 RUDOLPH R MONTANO JR BOARD DIRECTOR 3.00 X 1300 0 0 DAVID C PRYBYS BOARD DIRECTOR 3.00 X 0 0 0 RAYMOND F REDMOND BOARD DIRECTOR 3.00 X 0 0 0 JUANITA M REID BOARD DIRECTOR 3.00 X 0 0 0 GAIL WESTOVER BOARD DIRECTOR 3.00 X 0 0 0 NICK NICKOLOPOULOS BOARD DIRECTOR 3.00 X 0 0 0 GARY MOODY PRESIDENT AND CEO 40.00 X 444523 0 18726 STEPHEN GRECH EVP/LENDING 40.00 X 239429 0 13664 THOMAS SCHAEFFLER EVP/COO 40.00 X 284647 0 13537 DAVID SCOTT SOMMERS SVP/CFO 40.00 X 186653 0 12399 PAUL LEONHARDT SVP/LENDING 40.00 X 73579 0 10093 DAVID BREUER SVP/CIO 40.00 X 217264 0 6202 RENEE MUCCIOLI VP/SALES 40.00 X 130743 0 10290 SWAMINATHAN SEETHARAMAN SVP/CHIEF MEMBER EXPERIENC 40.00 X 168448 0 14528 YVETTE WATKINS VP/RETAIL OPERATIONS 40.00 X 113587 0 9275 SCOTT BONACORSI SVP/CHIEF HUMAN RESOURCE 40.00 X 135112 0 11178 1998077 0 119892 16 0 1 0 CO-OP NETWORK 9692 HAVEN AVENUE RACHO CUCUMONGA CA 91730 ATM/DEBIT NETWORK 2057118 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 1938883 BERLINE 70 E LONG LAKE ROAD BLOOMFIELD HILLS MI 48304 MARKETING/ADVERTISING 587827 MEMBER FIRST MORTGAGE 616 44TH STREET SE GRAND RAPIDS MI 49548 MORTGAGE SERVICING 372883 TERRY JAGIELSKI 14058 LANDINGS WAY FENTON MI 48430 CONSULTING 233393 38 LOANS TO CU MEMBERS 522100 24876277 24876277 PROCESSING FEES FOR MEMBER ACTIVI 522100 16020130 16020130 40896407 1164698 1164698 16081146 160704571 16104426 158347348 -23280 2357223 2333943 2333943 CAPITALIZATION OF SERVICE RIGHTS 522100 931507 931507 MISCELLANEOUS INCOME 522100 819440 819440 INSURANCE INCOME 524298 253478 253478 394451 38515 355936 2398876 46793924 42685869 609414 3498641 10000 1301342 13279234 232688 1082040 1108693 116818 146680 1517402 1854523 939245 1008233 1683599 295775 91583 222272 1039279 279939 PROVISION FOR LOAN LOSS 2266186 OFFICE OPERATIONS 2204397 EQUIPMENT RENTAL & MAIN 1773400 DEBIT CARD EXPENSE 1773101 3701555 37927984 19605951 18417504 69828621 42222860 245184 344569 9915919 11786420 642627264 703299435 1756637 1675324 50819916 20255130 29202588 30564786 28462875 13788196 19991134 28203463 821636173 850302557 5191018 10305940 25000000 0 718296707 758015389 748487725 768321329 X 0 0 0 0 73148448 81981228 73148448 81981228 821636173 850302557 X 8865940 -103321 70161 X X 0 1 X 1 0 6205041 6205041 29182412 10001866 19180546 326837 285629 41208 11223943 8888052 2335891 3881683 1079583 2802100 30564786 MEMBER SHARES 758015389 758015389 X 45485739 0 45485739 1308185 1308185 46793924 36619799 0 36619799 1308185 1308185 37927984 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS INCLUDE 2011 - 2014. PART XI, LINE 4B - OTHER ADJUSTMENTS: MISCELLANEOUS INCOME 819,440. WRITEDOWN OF COLI TO CSV 488,745. PART XII, LINE 4B - OTHER ADJUSTMENTS: MISCELLANEOUS INCOME 819,440. WRITEDOWN OF COLI TO CSV 488,745. 1 CANCER RESEARCH SCHOLARSHIPS 9 10000 0 PART I, LINE 2: THE CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. X 1 1 X X X X 0 0 0 GARY MOODY PRESIDENT AND CEO 389042 0 45000 0 10481 0 8034 0 10692 0 463249 0 0 0 STEPHEN GRECH EVP/LENDING 218919 0 15000 0 5510 0 4511 0 9153 0 253093 0 0 0 THOMAS SCHAEFFLER EVP/COO 257435 0 15000 0 12212 0 5327 0 8210 0 298184 0 0 0 DAVID SCOTT SOMMERS SVP/CFO 176139 0 7500 0 3014 0 3631 0 8768 0 199052 0 0 0 DAVID BREUER SVP/CIO 198837 0 10000 0 8427 0 4038 0 2164 0 223466 0 0 0 SWAMINATHAN SEETHARAMAN SVP/CHIEF MEMBER EXPERIENC 153651 0 7500 0 7297 0 3296 0 11232 0 182976 0 0 0 GARY MOODY PRESIDENT AND CEO SPLIT DOLLAR LIFE INSURANCE X 2749354 2749354 0 1 1 TOM SCHAEFFLER EVP/COO SPLIT DOLLAR LIFE INSURANCE X 2723000 2723000 0 1 1 STEVE GRECH EVP/LENDING SPLIT DOLLAR LIFE INSURANCE X 2065000 2065000 0 1 1 DAVE BREUER SVP/CIO SPLIT DOLLAR LIFE INSURANCE X 1715000 1715000 0 1 1 DAVID SOMMERS SVP/CFO SPLIT DOLLAR LIFE INSURANCE X 1400000 1400000 0 1 1 SWAMINATHAN SEETHARAMAN SVP/MEMBER EXP. OFFICER SPLIT DOLLAR LIFE INSURANCE X 1134006 1134066 0 1 1 11786420 FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER OF THE CREDIT UNION IS GIVEN ONE VOTE AND IS ABLE TO ELECT MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING FORM 990, PART VI, SECTION A, LINE 7B ONLY SUBSTANTIAL EVENTS ARE SUBJECT TO MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11 THE 990 WILL BE PRESENTED AT A MEETING OF THE AUDIT COMMITTEE OF CREDIT UNION ONE. THE MEETING WILL TAKE PLACE IN NOVEMBER 2015. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY COMPLETES AND SIGNS A FORMAL CONFLICT OF INTEREST DISCLOSURE CONSISTENT WITH THE BOARD'S CODE OF ETHICS. THE DISCLOSURES ARE REVIEWED BY THE GOVERNANCE COMMITTEE FOR COMPLIANCE WITH THE CODE OF ETHICS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION REVIEW IS PERFORMED BY THE BOARD OF DIRECTORS ANNUALLY. ALL TOP MANAGEMENT LEVEL EMPLOYEES' COMPENSATION ARE REVIEWED BY THE HEAD OF HR AND BENCHMARKED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN BUSINESS COMBINATION 70,161. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.